No business is exempt from an attack on their sensitive credit card customer databases by hackers and other criminals. And small businesses who might not be able to afford the latest security measures have found themselves especially targeted.
In response to this threat that can cripple or virtually destroy any retail business, Total System Services, Inc. (also known as TSYS) offers a Credit Card Compromise Assistance Plan (C-CAP). This service can ease the financial risk and reassure business owners who accept credit cards at their retail locations and online. C-CAP protects them from the devastating expenses commonly associated with actual or suspected card data breaches.
- What is the Card Compromise Assistance Plan?
- How does C-Cap Work?
- Who is it good for?
- Costs for C-CAP
- How do I get it?
What is the Card Compromise Assistance Plan?
C-CAP is essentially data breach insurance. It’s designed to reduce your financial exposure in the event of data compromises. It helps offset the expenses that you would incur after a suspected or actual breach of credit card data from your databases.
All businesses that accept credit cards must comply with the latest Payment Card Industry Data Security Standards (PCI DSS), but even when a business is compliant, issues can happen. Your reputation and money are both on the line if you suffer a data breach or some other compromise. If you experience a breach, you’re likely to incur not only fines but other expenses to correct the problem. TSYS’s Card Compromise Assistance Plan helps defray those costs.
How does C-CAP Work?
In response to the growing number of similar programs recently offered by other providers, TSYS’ C-CAP is a reimbursement insurance for retailers who incur expenses for correcting a data breach, and compensating customers whose information may have been compromised. The list of financial assistance retailers can receive from C-CAP includes:
- Any normally mandated forensic audit expenses when a compromised database is suspected
- Customer credit card replacement costs and related expenses from an actual or suspected breach
- PCI DSS assessments and fines that a retailer may incur from any credit card brand
- Assistance with data breaches due to network hacking, skimming and physical losses resulting from any or all of the following: third-party theft of computer or paper records, and/or in some cases, employee theft, fraud, malicious or criminal act, error, or omission.
To assist with any or all of the above expenses, the amount of compensation from the Card Compromise Assistance Plan can be up to $100,000 for each merchant identification number. Multi location businesses receive as much as $1 million annually in expense reimbursement assistance. The compensation is underwritten by TSYS’ exclusive partner, Royal Group Services.
Who is C-CAP good for?
It’s for virtually any business that might be vulnerable to credit card data breaches. It is available directly from TSYS or through a number of TSYS resellers.
Note that the Card Compromise Assistance Plan is already an integral feature of TSYS’ Guardian Security Suite, so if you use the Security Suite, you already have the C-CAP. It may be possible to get the C-CAP without the Guardian Security Suite.
Costs for C-CAP
The Card Compromise Assistance Plan comes with the TSYS Guardian Security Suite, which you can have quoted when you apply for processing through TSYS. The C-CAP is also available independent of the Guardian suite. If you purchase it separately, the Card Compromise Assistance Plan costs $7.95 per month.
How do I get it?
You can sign up for processing with TSYS and take advantage of the C-CAP and/or the TSYS Guardian Security Suite by using CardFellow’s free quote request tool to request a quote from TSYS or a qualified reseller partner. Once you complete the short signup form, you’ll be able to choose a solution that fits your needs. If you need help after signing up, contact us for assistance.
